DALLAS — The 34th Annual Conference on Serving the Underserved and 5th Latino Credit Union Conference started yesterday with a welcoming ceremony featuring the U.S. Treasurer, who addressed attendees with the message that the housing crisis goes beyond those losing their homes to foreclosure.
Anna Escobedo Cabral said that 1.7 million families are in foreclosure due to subprime loans from June 2005 to June 2007. However, she advised credit unions to remember that foreclosure impacts a whole neighborhood and community.
"When a family loses a home it's not only difficult for the family but for the entire neighborhood," Cabral said. "A boarded up home effects the price of other homes on the street and attracts criminal activity. When we talk about helping families access and make use of better choices we're talking about all of us not just those in foreclosure."
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